Month: November 2021

Banks need to make CCCFA easy for advisers: Gough

The bravest of brave faces has come from the Bankers Association, which declared that “banks are responsible lenders, and support the aims of the law”. Earlier, the association complained the CCCFA was being rushed through without sufficient clarity on what had to be done and without enough time to do it.

We all have a role to play in calling out economic harm

If you see signs of economic harm among family and friends, it’s important to call it out. That’s a key message from the New Zealand Bankers’ Association, which is supporting the first Economic Harm Awareness Day in Aotearoa New Zealand organised by Good Shepherd NZ on Friday 26 November. Economic harm can affect anyone, regardless… Read more »

How banks tried to shut down multi-million dollar legal threat, but failed

Roger Beaumont, NZBA’s chief executive said Section 99(1A) was introduced at speed in 2015 and the way in which it could be interpreted “could lead to excessive consequences from failing to comply with some customer information disclosure requirements. We did not agree with that interpretation and, therefore, sought to address the risk through further law… Read more »

Changes to consumer lending rules from December 1 bring increased requirement to verify borrower information and assess suitability

Roger Beaumont, CEO of bank lobby group the New Zealand Bankers’ Association, said; “banks are responsible lenders, and we support the aims of the law changes to help people avoid taking on unaffordable debt. We also think it’s important that people are prepared for what the law change will mean for them when they apply… Read more »

Fresh guidance on new lending laws

“We also think it’s important that people are prepared for what the law change will mean for them when they apply for a loan. Customers will have to provide more information and lenders will need to do more to check it’s correct, which will make the whole process longer.”

“Changes to consumer lending and how it affects you” – information welcomed by financial mentors and lenders

Changes to consumer lending law to help people avoid unaffordable debt mean it may take longer to get a loan from 1 December. Information to help consumers prepare for the changes has been welcomed by financial mentors and lenders. The changes to the Credit Contracts and Consumer Finance Act 2003 mean credit applications are likely… Read more »